White Oak Commercial Finance (WOCF), an affiliate of White Oak Global Advisors, has agented and closed an asset-based revolving credit facility to partially fund the acquisition of Ste. Michelle Wine Estates by the Wyckoff family, owner of diversified agribusinesses in Washington, Oregon and Idaho.
WOCF acted as the lender in the transaction, structuring the new asset-based credit facility to provide liquidity for the acquisition and give the new ownership the ongoing flexibility and capital needed to execute long-term strategic goals and objectives. The transaction brings the company back under the control of a local Washington family for the first time in over 50 years.
“It was a privilege to have the opportunity to partner with the Wyckoff family and their leadership, as well as Ste. Michelle’s management team, to structure and close on this important financing for the Washington wine industry,” Nick Ply, head of underwriting at WOCF, said. “This transaction underscores WOCF’s ability to deliver fast, flexible and tailored financing solutions to support our customers.”
Ron Baze, president and chief operating officer of Wyckoff Family, said, “We greatly appreciated working with the WOCF team to get this purchase closed under an exceptionally tight timeline. Their overall dedication and flexibility under these time pressures were necessary to our purchase and very impressive.”
Scott MacCormack, executive partner of Holland & Knight’s Seattle office and Arch + Beam acted as buy-side advisors to the Wyckoff family in their acquisition of Ste. Michelle Wine Estates. Goldberg Kohn acted as representation for WOCF.
